Case Study
Comprehensive Market Review Drives 30% Annual Savings and Stronger Plan Alignment
The Request
Plan benchmarking and financial review
Company Profile
Industry: Museums and Art Galleries
Coverages: Life, Disability, Dental, Supplemental Health
Covered Lives: <500
The customer was preparing to remarket their benefits program and wanted to explore opportunities to expand their voluntary coverage offerings.
The Solution
Highlighted strategic cost-saving opportunities and targeted benefit enhancements
The Brown & Brown Non-Medical General Agency (NMGA) team performed a comprehensive benchmarking and financial review to identify cost-containment strategies and opportunities to strengthen plan design. This in-depth analysis resulted in customized recommendations aimed at improving financial efficiency while enhancing employee benefit offerings.
Key Recommendations:
- Adjust reduction schedules on Life coverages to support cost-containment
- Add AD&D frill benefits, such as Parental Care and Therapeutic Counseling
- Recommend a modified open enrollment for Voluntary Life, noting that 73% of employees currently have coverage below the $100k guaranteed issue
- Increase spouse Voluntary Life guaranteed issue (GI) to $50k
- Restructure LTD class benefits to better align with risk and coverage needs
- Evaluate Dental plan changes, including adding Orthodontia and extending the Prosthesis replacement timeframe
The Results
Delivered employer savings and meaningful plan improvements
The NMGA team’s evaluation guided a strategic market approach that yielded tangible financial and plan design improvements.
- Full market RFP completed, resulting in a carrier change for Life and Disability and generating 30% annual employer savings, while also adding Supplemental Health products to broaden the overall offering
- Plan Enhancements Implemented:
- Added age-based reductions to Basic and Voluntary Life
- Implemented AD&D benefits with no rate change
- Increased employee Voluntary Life GI from $100k to $200k
- Achieved a 30% increase in Voluntary Life enrollment and 188% increase in Voluntary Life premium
- Updated LTD plan to a single class with a higher maximum benefit and a limited own-occupation period to better match cost-of-living needs in the region
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